Sony Electronics Singapore Now Accepts USDC via Crypto.com
Sony Electronics Singapore teamed up with Crypto.com to support USDC payments, reflecting the increasing adoption of stablecoins.
Key Takeaways:
Introduction of Crypto Staking Regulations: The Securities and Futures Commission (SFC) of Hong Kong is actively exploring the introduction of staking services for crypto exchange-traded funds (ETFs). This initiative aims to establish clear guidelines for the custody of client assets and address associated risks, such as slashing and liquidity concerns.
Active Industry Engagement: Major cryptocurrency firms in Hong Kong, including HashKey Group, are discussing expanding their product offerings with the SFC. These discussions focus on introducing ETF staking, tokenised money market funds, and ‘Earn’ features alongside spot trading, reflecting the industry’s readiness to align with regulatory developments.
Commitment to Web3 Development: The Hong Kong government has established a task force comprising government officials and industry participants to promote the ethical and sustainable growth of the Web3 ecosystem. This initiative underscores Hong Kong’s dedication to fostering innovation in the digital asset space.
Hong Kong’s Securities and Futures Commission (SFC) has unveiled a comprehensive roadmap to enhance the region’s virtual asset market in a significant move to bolster its position as a global cryptocurrency hub.
Overview
On April 7 2025, the SFC announced new guidelines for crypto exchanges offering staking services and locally authorised funds exposed to digital assets involved in staking. Among the 12 initiatives announced, the SFC plans to explore introducing staking services for crypto exchange-traded funds (ETFs). This initiative seeks to establish precise requirements for the custody of client assets and address risks associated with staking, such as slashing and liquidity concerns.
By facilitating investor participation in virtual asset functionalities and offering yield-generation opportunities, the SFC aims to integrate aspects of decentralised finance (DeFi) into the traditional financial ecosystem. Executive director of investment products at SFC, Christina Choi, said, “The SFC is committed to supporting Hong Kong’s Web3 journey.” She added, “Therefore, rather than chasing every new spark, we believe in a pragmatic approach — strengthening the fundamentals and fostering a supportive ecosystem where Web3 can thrive in a sustainable manner.”
Active Engagement with Industry Stakeholders
Major crypto firms in Hong Kong are actively engaging with the SFC to expand their product offerings per the new roadmap. HashKey Group, a prominent licensed crypto exchange, has been discussing the introduction of ETF staking and tokenised money market funds with the SFC. Haiyang Ru, Hashkey Group’s Chief Risk Officer, emphasised the company’s commitment to launching an ‘Earn’ feature alongside spot trading, reflecting the industry’s readiness to align with regulatory developments.
Reinforcing Commitment to Web3 Development
Hong Kong’s dedication to fostering Web3 and digital asset innovation is further evidenced by establishing a task force comprising government officials and industry participants. Chaired by Financial Secretary Paul Chan, the task force aims to promote the ethical and sustainable growth of the Web3 ecosystem.
Chan highlighted the transformative potential of blockchain technology in enhancing security, transparency, and efficiency across various sectors. The Legislative Council has also formed a Subcommittee on Web3 and Virtual Asset Development to solicit global feedback on policy recommendations. This initiative seeks to balance technical, legal, and regulatory frameworks, positioning Hong Kong as a globally connected Web3 hub.
These concerted efforts underscore Hong Kong’s proactive approach to integrating innovative financial technologies, ensuring robust regulatory oversight, and solidifying its status as a leading centre for digital assets and Web3 development.